News release
Mission Valley Bancorp announced net income of $7.4 million, or $2.22 per diluted share, for the year ended Dec. 31, 2023, compared to net income of $4.8 million, or $1.45 per diluted share, for the year ended Dec. 31, 2022.
Net loss for the fourth quarter of 2023 was $0.2 million, or $0.07 per share, compared to net income of $1.1 million, or $0.32 per diluted share, for the fourth quarter of 2022. The net loss in the fourth quarter of 2023 was attributable to the $0.6 million net after-tax loss from the sale of available-for-sale investment securities to reposition the investment portfolio.
“We are pleased to share our full year and fourth quarter results for 2023. Despite the challenges and difficult overall operating environment that 2023 presented, the company not only remained safe and sound, but we also produced record earnings that were primarily driven by our strong loan growth, while maintaining credit quality, and the $5 million Equitable Recovery Program grant from the U.S. Treasury that was awarded based on Mission Valley Bank’s standing as a (community development financial institution),” Tamara Gurney, president and chief executive officer, said in a news release.
“Looking forward to the year ahead, we are working diligently on our branch expansion project in Burbank that is targeted for completion by the end of the second quarter, core deposit initiatives to bolster liquidity, and digital transformation projects to improve productivity, add functionality/capabilities, and expand our outreach,” Gurney added. “We are also re-evaluating our dividend plan including the size and frequency of cash dividends to shareholders, which we expect to announce before the end of the first quarter of 2024.”
Mission Valley Bancorp is a bank holding company headquartered in Sun Valley, with two wholly owned subsidiaries Mission Valley Bank and Mission SBA Loan Servicing LLC. The bank was founded in 2001 and is a full-service, independent, commercial bank specializing in the banking needs of small to medium businesses with full-service branches in the San Fernando and Santa Clarita Valleys.
